Last checked at 16 Nov 2022 16:30
16 November 2022
Flutter capital markets event showcasing FanDuel
Number one US sports betting and iGaming business
Flutter, the world's leading sports betting and iGaming business, is today hosting an event for investors and analysts at 25 Cipriani, Broadway, New York showcasing its US business, FanDuel. The event will also be streamed virtually.
FanDuel is the number one operator in the US today with a 42% share of the US online sports betting market and a 18% share of the US iGaming market. This leading position is underpinned by a range of sustainable competitive advantages, alongside access to unique benefits enabled by the Flutter Group. The FanDuel Advantages coupled with the Flutter Edge have produced a winning position of unparalleled scale which ensures that FanDuel:
1. Acquires customers more efficiently
2. Retains customers for longer; and
3. Grows customer value more effectively
Excellent operational execution is driving significant momentum for our FanDuel flywheel, creating a virtuous circle where our scale advantage continues to compound and ensures we maintain our economic advantages and our clear number one position.
We are confident in a path to a 2030 total addressable market of more than $40bn in gross gaming revenue which represents growth of 4.5 times the size of the market today. By continuing to leverage the FanDuel Advantages and Flutter Edge, this would imply a significant runway of future revenue growth for FanDuel. With mature EBITDA margins expected to be equivalent to those in existing Flutter divisions of 25-30%, this growth potential would imply significant levels of long-term profitability, transforming the Flutter Group.
Peter Jackson, Chief Executive, commented:
"The US market represents the single biggest opportunity in our sector today and we are proud to own FanDuel, the premier asset within this market. The business has transformed the Flutter Group, performing better than we could have hoped and growing tenfold since PASPA was repealed in 2018.
FanDuel's success demonstrates the importance of global scale combined with local leadership and expertise. A clear strategy focused on the customer has delivered the number one position that FanDuel enjoys today and will continue to ensure FanDuel is the long-term market winner. Today we will demonstrate the superior business model underpinning FanDuel's success, which has ensured that our US division is on course to deliver profitability for the full year 2023. The superior economics that FanDuel enjoys as the market leader, represents an enormous value creation opportunity for the Group as our US business continues to grow.
Amy Howe and the leadership team have done a phenomenal job in executing on FanDuel's strategy to date and we remain excited about continuing FanDuel's success story."
Analyst briefing: The event, including remote registration, can be accessed virtually here. The presentation and live stream will commence at 2pm EST (7pm GMT). Q&A participation will be limited to analysts attending in-person. Registration for in-person participation is now closed. | |
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Contacts: |
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Investor Relations: |
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Paul Tymms, Group Director of Investor Relations and FP&A | + 44 75 5715 5768 |
Ciara O'Mullane, Investor Relations | + 353 87 947 7862 |
Liam Kealy, Investor Relations | + 353 87 665 2014 |
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Press: |
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Kate Delahunty, Corporate Communications | + 44 78 1077 0165 |
Lindsay Dunford, Corporate Communications | + 44 79 3197 2959 |
Rob Allen, Corporate Communications | + 44 75 5444 1363 |
Billy Murphy, Drury Communications | + 353 1 260 5000 |
James Murgatroyd, Finsbury | + 44 20 7251 3801 |
About Flutter Entertainment plc:
Flutter Entertainment plc (the "Group") is a global sports-betting and gaming company reporting as four divisions:
• US: includes FanDuel, TVG, Stardust, FOX Bet and PokerStars brands, offering regulated real money and free-to-play sports betting, online gaming, daily fantasy sports and online racing wagering products to customers across various states in the US and Canada.
• UK & Ireland: includes the Sky Betting and Gaming, Paddy Power, Betfair and Tombola brands offering a diverse range of sportsbook, exchange and gaming services across the UK and Ireland, along with over 600 Paddy Power betting shops.
• Australia: the Sportsbet brand offers online sport betting and is the Australian market leader.
• International: includes PokerStars, Sisal, Adjarabet, Betfair and Junglee operating in multiple jurisdictions around the world offering a diverse range of sportsbook, exchange and gaming services.